Morgan Stanley (MS)’s Katy Huberty has analysed Apple’s 10-Q filing from this week noting that as of the end of June, Apple (AAPL) had $26.5 billion in off-balance sheet commitments, an increase of 26% since last year, and 15% since last quarter. These include commitments to acquire components and capital assets, which end up taking the majority with $22 Billion.

According to Huberty, the money Cupertino is committing to paying suppliers, should be seen as a bullish sign for the coming quarter.

Extrapolating Apple’s off-balance sheet commitments, which include product tooling and manufacturing process equipment, Huberty said, “[t]he trendline between revenue and these commitments (with a one-quarter lag) implies $63B of revenue for the September quarter”. The analyst cautioned however, that the number for this particular quarter is “too high.” According to Apple’s September quarter guidance, revenue will range between $49 billion to $51 billion. At the same time, Huberty notes in her research that “these commitments suggest Apple is planning for Y/Y growth during the next iPhone cycle.”

Apple is expected to unveil the next iPhone in September. The rumor mill points at a Sept. 18 retail launch.